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And Finally ... Don't blame McCreevy, it's Trichet who wields the power

CRITICISM directed towards Charlie McCreevy for the manner in which he handled last week’s meeting of European Union finance ministers strikes us as misguided. Some commentators complained McCreevy was not forceful enough in his comments on the performance of the euro versus the dollar. There seems to be a perception that if finance ministers make public their view that a currency has moved too far in one or other direction then the financial markets will act on those concerns and adjust the rate accordingly.

That was certainly the case in years gone by when finance ministers could quietly influence the policy decisions of their not-so-independent central banks. But those attending last week’s financial summit in Brussels will have been only too aware that the only body with the wherewithal to do anything about the strength of the euro is the European Central Bank (ECB), a genuinely independent authority now under